00:00Why, hello, my bright-eyed, bushy-tailed high school graduate soon-to-be.
00:08Congratulations on the successful completion of your studies.
00:12You've spent a good chunk of your life studying and learning, and here you are.
00:19You probably think you're pretty smart, huh?
00:23Wrong.
00:24Everything you did over the last 18 years was a useless dry run meant to get you to
00:30the only education that matters, college.
00:34I'm Dean Horton, here from Horton University, to tell you why you need to go to my college
00:40or you're plumb-screwed.
00:41See, here's the thing, you seem like a smart kid.
00:44Hell, you might be a genius for all I know.
00:47Good work habits, a top-notch pumpkin between your shoulders.
00:51You know what all the big wars happened, and honestly, more math than most people in
00:56the modern world will ever need.
00:59But my math teacher told me that the world is full of beautiful geometry.
01:03Every flower a mathematical marvel.
01:06Sheesh, how did you get out of your locker, you acne-pocked Archimedes?
01:12Nerd.
01:13Here's how the world works.
01:15If you don't follow up that sterling potential with a college degree, everyone's going
01:21to think the only occupation you're fit for is a gas station attendant who has to be
01:27told not to drink the special sour water from the pump when you're on your break.
01:32Dare to suggest that you might skip out on later learning, and your parents are going
01:38to react to you like you just told them that your life's dream is to hug the front end
01:43of a city bus traveling at speed.
01:46Well, my parents just want what's best for me, and what's best for me is to go to college
01:51and get a degree so I can get a job.
01:54That's the spirit!
01:56By the time you get out of college, maybe some of the boomers that will never retire
02:01will have died and opened up a job for you to get.
02:05It'll probably be changed into an independent contractor position.
02:09But details, details, details, cart before the horse, can't see the forest from the trees,
02:13yadda yadda yadda.
02:14What's an independent contractor, is that a job?
02:18Sort of.
02:19As long as it's a job.
02:20Friend-o, with the economy these days, you'll probably have three.
02:25Oh boy!
02:26The fact is, attending my university and getting your degree will give you a better chance
02:32at employment.
02:34The unemployment rate among 25-34 year olds with a bachelor's degree is only about 2.8%.
02:43Skip out, and that number doubles.
02:48Okay, double is just 5.6% versus 2.8%.
02:52That's significant, but not as bad as I thought.
02:55Oh, look at my little statistician go, nerd!
03:02You'll also earn more.
03:04The median annual earnings of 25-34 year olds with a bachelor's degree is $65,000, while
03:13for high school diploma holders, it's only $39,700.
03:19Wow, that's actually kind of reassuring.
03:22I thought a college degree was worthless.
03:25Oh no!
03:27Though that kind of sensationalism would be a killer on a YouTube channel.
03:31Then this is a no-brainer.
03:32Sign me up for college.
03:37Of course.
03:38Which college would you like to go to?
03:40The best one, obviously.
03:42Lucky you, because that just happens to be Horton University.
03:47Fantastic, see you in September.
03:48And now that that's settled, on to the matter of tuition.
03:54Education ain't free, kid.
03:56Okay, I'm just confused, because up until now, I've gone to public school, and it was.
04:03Well, be prepared to spit out that old dry government teat, because it's not anymore.
04:09Where do you think we are?
04:10Norway?
04:11Or Denmark?
04:12Or Sweden?
04:13Or Germany?
04:14Or France?
04:15How much does it cost?
04:16Well, the average four-year private college, like Horton University, you want the yearly
04:25cost or the whole shebang?
04:28All at once, might as well rip the band-aid off.
04:31$38,768 a year, times four, so that'll be $155,072.
04:43And that's just for tuition.
04:46Toss in housing fees and so on, throw me, say, $223,360 and we'll call it even.
04:55Holy crow, that's a big band-aid.
04:58More like gauze fused to an open lesion.
05:01I don't have that kind of money.
05:04Who does?
05:05Don't worry, boy-o, we'll get you set up with a loan.
05:09How much do you have in your college fund right now?
05:12Um, nothing.
05:13We kind of lost everything in the recession.
05:15Ah, well, no problem.
05:18My condolences.
05:20$233,360.
05:24Let's say for the sake of argument that you're the greatest creditor the bank's ever seen,
05:30you get a fixed interest rate of 5%, that great college job we were talking about, and
05:36pay $1,000 a month off, you'll be out from under the shadow of debt in 53.5 years.
05:48When I'm 71?
05:50Ding, ding, ding, ding, ding, ding, there's another point for the math whiz.
05:55What's even the current life expectancy?
05:5776.
06:00This sounds like my options are just kind of different levels of f***ed.
06:04And that's The Real Education here.
06:08I've been Roger Horton with The Real Story.
06:20The Real Story.
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